Should I stay or should I go? Is now the time to sell? Is the market at the top?
I’ve been getting asked these question a lot. And the answer is, I don’t know. We will never know because we don’t have a crystal ball.
What is Happening in The Market?
But what I will say is, is our prices are pretty high right now. We have a lot of demand for real estate on the island of Maui, and I haven’t seen it slowing down. Certain markets we’re seeing it slowing down on the mainland a little bit. But when they say slow, they’re saying, “We went from 15 offers to 7 offers.” So, I think that it’s important to be aware of what’s really happening. There’s other people saying, “Are we in a bubble? Are we not in a bubble?” Again, the reasons that our prices are going up is lack of inventory, not because there’s a lot of bad loans out there. The lending institutions are the tightest they’ve been in years. They’re still doing lots of really good loans, and people continue to purchase.
I think COVID did some crazy things that we really don’t know yet how to understand and explain, but basically it took a year of time and made it disappear. What happened was, our supply chains and our builders and all of the part of that market that creates inventory disappeared as well. And so, there’s this catch up now and people started buying before we could start producing, and so we’re seeing this shortage of inventory.
Will Prices Come Down?
Then the question is, “Well, will prices come down as we recover inventory?” And I don’t see that happening in the very near future. Our market is cyclical and it always goes up and down. But we’ve had such a strong run-up and we still have no signs of relief. And in Maui, very little new inventory coming to the market in the way of new development and new products.
Is Now Time To Sell?
So, not sure should you sell now or not? It’s a great question. If the time is right for you to sell, if you can utilize the money, repurpose it, put it away, if it’s been an investment and you’re not using it, then obviously now is a perfect time to sell. If you’re thinking about relocating off of Maui and you want to go somewhere else, selling your property in Maui would afford you a pretty substantial return on what you probably paid for it years ago. It could allow you to buy a home somewhere else in another market that you may be wanting to move to. You may be able to have a little bit more home, a little bit more space, but it would be a different lifestyle.
So those are all choices that we have to make. I keep getting asked this question, should I sell or not? And that is not an answer that I can make up for you, or that I can give for you. That’s an answer for you, but I hope this information helps you to decide through the process.
For More Info
If you’d like more information, or if you’d like to sit down and discuss what I see happening in the future, how it will impact values and home sales in the next three, six and twelve months, by all means, give me a call at 808.280.2055, or shoot me a text or send me an email, tom(at)tomtezak(dotted)com. I would love to be your resource and answer those questions for you as well. But most importantly, no matter where you’re at; whether you’re here in Maui, whether you’re on the mainland, if you live your life with Aloha, your life will be absolutely amazing.
You May also Like: Home Inspection FAQs – Lifestyle Maui Real Estate Team (tomtezak.com)
Should You Sell? Watch the Video: https://youtu.be/Sv9Px7hAuJk